Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Stock Price Up 4.9% – Should You Buy?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s share price traded up 4.9% during trading on Friday . The company traded as high as $62.23 and last traded at $62.0530. Approximately 1,002,977 shares were traded during trading, a decline of 66% from the average session volume of 2,965,863 shares. The stock had previously closed at $59.14.

Grayscale Bitcoin Trust ETF Stock Performance

The firm has a market capitalization of $12.16 billion, a PE ratio of 2.23 and a beta of 2.19. The stock’s 50-day simple moving average is $54.24 and its 200-day simple moving average is $54.54.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Advisory Services LLC raised its stake in Grayscale Bitcoin Trust ETF by 30.9% in the second quarter. Ameritas Advisory Services LLC now owns 18,227 shares of the company’s stock worth $830,000 after buying an additional 4,302 shares in the last quarter. Compass Financial Management LLC purchased a new position in Grayscale Bitcoin Trust ETF during the second quarter valued at $114,000. Concurrent Investment Advisors LLC lifted its position in Grayscale Bitcoin Trust ETF by 8.5% during the second quarter. Concurrent Investment Advisors LLC now owns 12,820 shares of the company’s stock valued at $584,000 after buying an additional 1,001 shares during the period. Smallwood Wealth Investment Management LLC boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 284.6% during the 2nd quarter. Smallwood Wealth Investment Management LLC now owns 3,854 shares of the company’s stock valued at $175,000 after buying an additional 2,852 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF in the 2nd quarter worth about $220,000.

About Grayscale Bitcoin Trust ETF

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin. GBTC was launched on Jan 11, 2024 and is issued by Grayscale.